President Lee Jae Myung convened an emergency economic meeting, Monday, and ordered the immediate implementation of a maximum price system for petroleum products, along with a crackdown on price manipulation, to shield the public from turmoil in the Middle East. Warning that the regional crisis had created “extraordinary” uncertainties for the energy-dependent country, Lee also directed officials to secure alternative supply routes that bypass the Strait of Hormuz, while vowing to strictly punish any hoarding or collusion in the market. “As the situation surrounding energy supply and household economic anxiety is serious, extraordinary countermeasures commensurate with the circumstances are needed," Lee said during the meeting. "In cooperation with our strategic partner countries, we should swiftly identify alternative supply routes that do not pass through the Strait of Hormuz.” He also called for strict enforcement against illegal practices in the domestic oil market, including collusion among refiners and gas stations, hoarding and speculative stockpiling. “Illegal activitie